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City of Lino Lakes, Minnesota <br />Management Report, Page 26 <br />Improvement Bonds of 1981 <br />The Improvement Bonds of 1981 have a positive projected balance of $17,064 at <br />December 31, 1984. We recommend that the City monitor the results of this fund <br />annually. <br />Improvement Bonds of 1982 <br />The Improvement Bonds of 1982 are adequately financed based on assets provided for <br />payment of the bonds. The fund, however, is carrying assessments on City property <br />totaling $121,000 for which payment terms have not been established (see previous <br />comments). There is also $8,600 of tax forfeit assessments which have no payment terms <br />and $92,000 of delinquent assessments receivable. <br />The fund experienced a 1984 collection rate on current assessments receivable of <br />70 %. The fund does have future scheduled tax levies of $267,764. The City, however, <br />cancelled the 1983/84 levy of $36,244 and the 1984/85 levy of $36,262. <br />The City should prepare projections on this fund to insure that adequate cash assets <br />will be available on a timely basis to meet bond principal and interest payments as they <br />become due. <br />Improvement Bonds of 1983 <br />The Improvement Bonds of 1983 have a positive projected balance of $23,761 at <br />December 31, 1984. We recommend that the City monitor the results of this fund <br />annually. <br />